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Title

Lec 3 | MIT 14.01SC Principles of Microeconomics

Contributor

Jon Gruber

Subject/Level/Grades: Economics Undergraduate 2:1,First
Summary:

Lecture 3: Elasticity. Everyone knows the unpleasant feeling that results from the price of something you've been longing to buy increasing _ or the excitement of seeing your favorite snack go on sale! When the price of a good changes, consumers' demand for that good changes. We can understand these changes by graphing supply and demand curves and analyzing their properties.

Assumed Knowledge:

It would be helpful if you have watched the previous videos of the same series. This course will also include some basic uni-variate calculus material.

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Content Tags:
Core: Elasticity, revenue, empirical economics, demand elasticity, supply elasticity
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